How Is My Interest Rate Determined for My Mortgage

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Interest Rates Part 1
First time home buyers have a lot of information to sift through while looking to switch from renter to homeowner. One major factor nearly every buyer wants to know right away is the interest rate. "How is my interest rate figured for my mortgage?" Several factors go into determining an interest rate. Credit scores affect interest rates. The market is a major effect on interest rates. The loan term (30 year mortgage vs. 15 year mortgage) also will determine interest rates for mortgage loans. Find out more about how your interest rate is determined and what the difference is between a fixed rate mortgage and an adjustable rate mortgage.

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• Mortgage
• interest
• interest rate
• adjustable rate mortgage
• fixed rate mortgage
• first time home buyer
• first house
• first time home buyer Michigan

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